Wipro acquisitions aimed at broadening footprints, says Premji

Bangalore, July 19 (UNI) IT major Wipro Chairman Azim Premji today clarified that his company's acquisitions were aimed at broadening its footprints keeping future growth in mind and not to deviate from its primary IT business.

''The increased number of acquisitions the company has been making is to broaden its footprints and not to deviate from its primary IT-based business,'' he said, replying to a query from reporters on whether a number of acquisitions being made by Wipro, sitting on a hefty 410 million US Dollars of hegde fund, was aimed at a deviation from its IT based business.

Mr Premji was talking to reporters after announcing his company's results for the first quarter of the current fiscal.

''We will never resort to acquisitions for organic growth. It is only to complement our growth. We have in the last six months announced six acquisitions. These acquisitions are a culmination of discussions and due-diligence over the last one year and did not happen overnight.

''While acquisitions definitely have long term strategic value, we are equally confident that we will derive significant value from these in the medium term as well. The investments on both organic and inorganic side is to enhance our capabilities,'' he added.

UNI RS RG HVB1426